Innovex and Dril-Quip Complete Merger, Creating a Single Industrial Energy Platform

Innovex International to begin trading on the NYSE under the symbol “INVX” on September 9, 2024

HOUSTON-Dril-Quip, Inc. (NYSE: DRQ) (“Dril-Quip” or the “Company”), a leader in developing, manufacturing and supplying highly engineered equipment and services to the international onshore and offshore oil and gas industry, today announced that it has completed its previously announced merger with Innovex Downhole Solutions, Inc., a design and manufacturing company that provides products to support global onshore and offshore exploration and production activities.

This combined company will be named Innovex International, Inc. (“Innovex”) and will begin trading on the New York Stock Exchange on September 9, 2024, under the symbol “INVX.” In connection with the closing of the transaction, Dril-Quip common stock will cease to trade on the New York Stock Exchange under the symbol “DRQ” effective upon the close of trading on September 6, 2024.

“We are excited to complete the merger of Innovex and Dril-Quip, creating a differentiated company with a curated portfolio of technologies that will support our customers throughout the well lifecycle. I would like to thank the employees of our combined company for everything they have done to lead us to this milestone. By leveraging our talent and ‘No Barriers’ culture, we will deliver superior growth, cash flow and returns, creating value for our employees and shareholders,” said Adam Anderson, Chief Executive Officer of Innovex International.

Sobre a Innovex International

Innovex International, Inc (NYSE: INVX) is a Houston-based company founded in 2024 following the merger of Dril-Quip, Inc and Innovex Downhole Solutions.

Our comprehensive portfolio spans the entire well lifecycle, and innovative product integration ensures seamless transitions from one well phase to the next, increasing efficiency, reducing costs and reducing platform site maintenance expenditures for the customer.

With offices in North America, Latin America, Europe, the Middle East and Asia, no matter where you need us, our team is readily available with technical expertise, conventional and innovative technologies, as well as 24/7 customer service.

Cautionary Statement Regarding Forward-Looking Statements

Statements contained herein regarding future operations and financial results or that are not limited to historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended, including, but not limited to, those relating to projections regarding the anticipated benefits of the merger, the impact of the merger on the businesses of Dril-Quip and Innovex, future financial and operating results, the amount and timing of merger synergies and the combined company’s projected revenues, adjusted EBITDA and free cash flow, accretion, business and expansion opportunities, plans for and amounts of any future dividends or returns of capital to shareholders, and are based on management’s estimates, assumptions and projections and are subject to significant uncertainties and other factors, many of which are beyond the control of Dril-Quip and Innovex. These factors and risks include, but are not limited to: the impact of actions taken by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries to adjust their production levels; risks relating to the proposed transaction, including the rapid and effective integration of the businesses of Dril-Quip and Innovex and the ability to achieve anticipated synergies and value-add contemplated by the merger; unanticipated difficulties or expenses related to the merger, the response of business partners and retention as a result of the merger; the diversion of management time on merger-related matters, the impact of general economic conditions, including inflation, on Dril-Quip’s and Innovex’s economic activity and operations, the general volatility of oil and natural gas prices and the cyclicality of the oil and gas industry, declines in investor and lender perceptions of new capital investment in the oil and gas industry, project terminations, suspensions or scope adjustments in contracts, uncertainties regarding the effects of new government regulations, Dril-Quip’s and Innovex’s international operations, operational risks, the impact of our customers and the international energy industry shifting part of their asset allocation from fossil fuel production to renewable energy resources, and other factors detailed in Dril-Quip’s public filings with the U.S. Securities and Exchange Commission (the “SEC”). Investors are cautioned that such statements are not guarantees of future performance, and actual results may differ materially from those indicated.

The original language text of this announcement is the official, authoritative version. Translations are provided as a convenience only and must refer to the original language text, which is the only version of the text that has legal effect.